NEW YORK, March 9, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of World
Wrestling Entertainment, Inc. ("WWE" or the "Company") (NYSE: WWE)
between February 7, 2019, and
February 5, 2020 (the "Class
Period"). The lawsuit filed in the United
States District Court for the Southern District of
New York alleges violations of the
Securities Exchange Act of 1934.
If you purchased WWE securities, and/or would like to discuss
your legal rights and options please visit WWE Shareholder
Class Action or contact Matthew E.
Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements
and/or failed to disclose adverse information regarding WWE's
business and operations. Specifically, Defendants failed to
disclose to investors: that WWE was experiencing rising tension
with the Saudi government and a breakdown in negotiations over a
renewed broadcasting distribution deal; that the Saudi government
and its affiliates had failed to make millions of dollars in
payments owed to WWE pursuant to existing contractual commitments
between the parties; that OSN had terminated the broadcast of WWE
programming in the first quarter of 2019, despite a contractual
obligation to continue such broadcasts, and that this cancellation
was symptomatic of a deterioration in the business relationship
between the parties; that OSN had rebuffed efforts to renew a
distribution rights agreement on terms acceptable to WWE; and that
WWE did not have the ability to expand its operations in the
Middle East or within Saudi Arabia as had been represented to
investors; and that, as a result of the foregoing, Defendants'
positive statements about the Company's business, operations, and
prospects were materially false and/or misleading and/or lacked a
reasonable basis.
The problems with WWE's relationship with the Saudis began to be
revealed in a series of partial disclosures. On April 25, 2019, WWE disclosed disappointing
financial results and fiscal guidance, which several analysts
connected to potential hiccups in WWE's dealings with the Saudis.
On October 31, 2019, in connection
with the release of WWE's third quarter 2019 financial results, WWE
revealed significant underperformance across key metrics and
revealed that the media rights deal had been indefinitely delayed.
Around this same time, it was reported that the Saudi government
had withheld tens of millions of dollars in payments owed to WWE.
The dispute continued to escalate, culminating in a decision by WWE
to cut a broadcasting feed of a live event held in the country. In
retaliation, the Saudi government temporarily refused to allow
several WWE wrestlers to leave the country in what was later
described as akin to a hostage situation, under the pretense of
mechanical airplane issues. Then, on January
30, 2020, WWE revealed that two of its longest serving
senior executives, Defendants George A.
Barrios and Michelle D.
Wilson, had been ousted. Shortly thereafter, on February 6, 2020, WWE again disclosed
disappointing financial performance due to its failure to secure a
favorable broadcasting deal with the Saudis and revealed that the
Saudi media rights deal would not be included in WWE's financial
forecasting.
As a result of these disclosures, the price of WWE Class A
common stock plummeted from a Class Period high of more than
$100 per share to as low as
$40.24 per share on February 6, 2020, representing a 60% share price
decline.
If you purchased WWE securities, and/or would like to discuss
your legal rights and options please visit
https://www.bernlieb.com/cases/worldwrestlingentertainmentinc-wwe-shareholder-class-action-lawsuit-stock-fraud-262/apply or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 5, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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